Investor Relations

CPI (consumer price index)

Our (minimum) rents in Germany are 100% linked to the German CPI. A detailed explanation of this index is available here.

The price kaleidoscope
(click on the image above)
gives a perfect and interactive overview of the weights and price trends of the individual product groups. And it shows, that fashion - which has a weight of approx. 48% in our tenant mix - has only a 4.9% weight in the CPI.

In our Ad-hoc announcement on 23 August 2011 we expected the necessity to set aside a provision
for trade tax risks in the 2011 financial year of around EUR 6.1
million for the 2011 financial year and the preceding years.

In the meantime we have discussed this issue with our
auditors and now we have clarity how to handle the risk of a change in
the tax treatment of Deutsche EuroShop: The provision for the
years 2004-2010 will be formed as a correction for these past
seven years against retained earnings as per 31 December 2010. Only
the trade tax liability for 2011 will be included in the income
statement for the current year.

As a consequence, the once estimated influence on our
2011 FFO (funds from operations) per share will be considerably
lower.